I see people complain that tax cuts only help the rich, forgetting that this means the middle/working class keeps more money and get products for less
They also seem to forget that the rich don't pay tax anyway, the middle class pay for most of it. Whenever you tax a corporation, they will just cover that by increasing the cost of their products. The middle and working class then have to pay for this more expensive product with an income even less and they will also be taxed more. Rather than deciding who we need to steal money from, I think there should be some sort of financial education and independence courses in school. With things like how to leverage debt, how to grow you own food, and how to not pay taxes. Oh, but then if we can create our own wealth, we won't be dependent on socialism.
There are a few going points but mostly right wing myths here. Tax breaks don't help the middle class or the poor and if you look at the data it supports what I am saying. Also middle class tax cuts always have a sunset clause that doesn't apply to the rich. The idea that tax hikes result in price hikes has also been debunked on numerous occasions across numerous countries. It is a great excuse not to do it though.
And back to the ancap silliness of "taxation is theft". And the idea of not paying taxes is an ahistorical fantasy that has never existed and can't exist if you understand economics.
And finishing up with not understanding what socialism is. Yikes.🤦♂️
@PicturesOfABetterTomorrow You're the one going "you're bs!" "run and hide!" doubting my achievements. I've yet to do it to you. You have no interest in a genuine conversation, you just want to feel better than others. I've yet to call what you say "bs"
So you imagine that if the rich keep more money, then the middle and working classes magically have more? This is the essence of "trickle down economics" and history has proved that it is barely effective, if at all. Maybe go back to Economics 101.
@JP1119 I never said I did know what's best for everyone. Hence I said I hope you do well with whatever you do. And no, I don't know how to run the economy, and I don't actually think anyone does, I think socialism should stop trying to force the market to work in a certain way and allow people to use their resources as they see fit, hence the less taxes post. I don't know how to use your money, neither does anyone else, so I don't think that me nor anyone else should have your money. Unless you voluntarily give me your money for a service I provide, I don't want anything to do with your money.
That should be pretty clear. People should control their own money.
I see people complain that tax cuts only help the rich
They also seem to forget that the rich don’t pay tax anyway
The above quotes that started your post sounded like you thought you knew what was best for everyone. Fwiw, I agree that people should control their own money, except to the extent that maybe they owe some of their paycheck back to the system that made it possible for them to earn that paycheck in the first place.
@JP1119 No I dont no one does, small government for the win, see we find points where we agree once you make an effort to understand my side. this is what I'm saying about the internet, people take the most worst assumption about what the other person means, and argue against that assumption. Literally 99% of responses I've had are negative assumptions and then nasty belittling of my knowledge to try to fit into that assumption and make themselves feel superior. I'm absolutely sick of it. Even if I go out of my way to be polite. Or if I state something absolutely objectively factual. Someone will pop up calling me an idiot. I can have an absolutely normal conversation in person and I end up mixing with very successful people. Yet as soon as people get behind a pc, they turn into something else. Even with people I know in person, I don't even use Facebook much anymore, even when people have their real identity linked to their account, they act in very similar dismissive, mocking tones.
We have a tax allowance of £12,570. If you have an income of over £100,000 then you lose £1 of your personal allowance for every £2 you make over £100,000. When you consider things like bonuses, overtime, this hidden tax quickly builds up to 20% on top of your 40% tax rate.
This is actually seriously funny, and anyone who knows anything about taxes can see it.
If you make 125k+ your personal allowance is zero. The tax brackets don’t change, and you end up with ~35% total tax. ~45% if you add in the employer’s share. There is no functional way to get to a 60% tax rate, unless you’re including the vat, which you have avoided mentioning.
@QuixoticSoul Take an individual with total income of £120,000. He earns £20,000 over £100,000, and therefore loses £10,000 of his personal allowance (£1 of personal allowance for every £2 of income over £100,000), leaving £2,570 of personal allowance.
This £10,000 of extra taxable income (at 40%) means that this person pays £4,000 more Income Tax on top of the £8,000 due on the £20,000 income in excess of the £100,000 threshold. Therefore, the £12,000 Income Tax as a result of the extra £20,000 income gives an effective tax rate of 60%.
@lynncelestial This is a hilarious level of misunderstanding of how marginal taxes work. You clearly don’t get how the personal allowance (called the standard deduction in the states) works, among other general confusions.
Losing the personal allowance means that the taxpayer pays taxes on all of their income, instead of getting the first 12k tax-free. It nudges their effective tax rate up some, but will never move it past their top bracket (40% in this case).
Economic Facts and Fallacies is excellent. Discrimination and Disparities. ....No need to respond to or argue with postmodernists of various stripes pretending to know anything at all about, or care about, economics and how it really affects people. If a person who is sincere can just be motivated to read a book that presents logic and facts -- that is a good starting point.
There is no way to have an intelligent and sincere discussion with the typical "You're a fascist", and "Oh, that has been discredited, so don't look at it", and such. Those are the arguments of fools, fakes, and tyrants. Total waste of time. Don't even try to respond.
Starting point: turn off the tv, read a book, and think about it.
@uncleshawn Oh I've noticed. It does not matter if I point out I've built up several companies from pennies, and that I've successfully invested. They have some way to dismiss it whilst having done nothing themselves.
@PicturesOfABetterTomorrow I haven't used Sowell's books. When it comes to money, I cite the experience I have gained from building up several successful companies, starting from an income of less than minimum wage.
@PicturesOfABetterTomorrow I cannot say that my databases recording my financial growth is just an anecdote. I'm not sure how I'd declare an anecdote in my tax declaration.
@OggggO I can't say I'm a fan of anons pretending to prove I'm a "liar" haha. I mean, if trying to one up someone on the internet makes you feel better go for it.
Hmmm most rich do pay tax... it just matters to them less as they have more money.. And there will always be those who cannot work and be self-sufficient; those who have illness, disability. I am not sure where you are from and it doesn't matter but personally I am HAPPY to pay taxes, I LOVE that it funds education, roads, services, and healthcare.
@questionWeaver Thank you. I have built up several companies from nothing and have successfully traded building up hundreds of thousands in compound interest, yet to many on here I simply just don't know anything, and they, from their achievements of nothing, think they know it all.
@LordShadowfire Oh, Bezos doesn’t pay nothing in personal taxes. He pays regular taxes on his 85k a year, and cap gains on whatever stock he sells.
It’s Amazon itself that pays little in taxes - but that’s not strange, they have always heavily reinvested their revenue into growth, so make little profit. That’s not even shady.